Fastest Cash Loans For People on Benefits – Same Day No Fees Bad Credit 2012

Fastest cash for people on benefits. Surviving on government benefits is quite difficult even when things are going hassle free. However, when something unexpected happens like an emergency such as leaking roof or appliance breakdown (and it eventually does happen) it can be almost impossible to pay your bills or even pay for the groceries; a lot of people don’t know where to turn and often leads to insurmountable financial burden. Sometimes it could be something as simple as your child breaking their arm or falling ill and needing extra medication that puts you into a dire financial situation.

Same day bad credit loans can be what tides you over until your next payday during these times. Living off debt is never a good idea but sometimes there can be no avoiding it when you need quick cash to ‘keep your ahead above water’. If you don’t really want to take out cash loans for people on benefits then you should definitely consider budgeting and saving at least 30% of what you earn for a rainy day.

Quick Cash Loans for People on Benefits: Joining a Credit Union

Many banks close their doors to people on benefits because they are seen as a risk. Ditching your bank and joining a credit union may be one of the best things you ever do and it may even help you improve your bad credit in the long run. The best thing about credit unions is they are essentially run by their member, for their members interest. They do not have any shareholders or annual general meeting and they are not motivated by enormous amounts of profit. Because of this they take much more care with the people who join their ranks.

Instead of being just another number you will be looked at as a person who has specific needs. Explain your situation, including your current financial assets and debts (if any) and let them know how much you need to borrow and for what, be as open and as honest as possible. You may not be able to get all of the money you need but the repayments will be much lower and it will be a much more viable long-term option. Credit Unions are becoming more and more popular and as the economy declines and bank lending dries up this service is becoming more and more valuable.

Quick Cash Loans For People on Benefits Tip: Online Loan Search

The best thing about financial comparison sites is they allow you to find the most competitive rate on the market even if you want a quick cash loan and you are on benefits. Online loan searches give you the ability to compare and calculate 100’s of different loans quickly and easily. You can even narrow your search to ones that meet your level of collateral and the benefits that you are receiving; sometimes you can even state how good your credit is.

You should be able to find bad credit loans with low collateral and no day one fees to get you out of trouble. The interest rates will vary greatly so it’s important to think about whether you will be able to pay off the loan in the long term. As always check if you really need to borrow a quick cash loan and only apply for an amount you can afford to pay back. It goes without saying that you should find out exactly how much you are going to repay and how long it will take to clear the cash loans for people on benefits.

Quick Cash Loans for People on Benefits: Payday Loans

Another great way to get cash loans for people on benefits is to look at Payday loans. Payday loans, cash advances, or logbook loans are becoming more popular and accessible. As more companies establish Payday Loans they rates are becoming more and more competitive. These loans have high approval rates and often no credit checks. They will loan you the sum of your next payday check in advance and you repay the loan when you get your pay check.

Payday loans also have short approval times, usually 24 hours or less so that you can get your money quickly. If your next pay check is a few days away and you absolutely need money within the next 24 hours then this may be your best choice. The only drawback to Payday loans is the APR you are likely to pay, this often ranges from 500% to 1000%. As always check how much you are borrowing and how much you will be paying back. Frequent use of payday loans as a means to tide you over will make you poorer.

Quick Cash Loans for People on Benefits: Avoid the Loan Sharks

It is always important to be mindful of people that might take advantage of you while you are desperate, especially loan sharks. While there are plenty of legitimate flexible repayment and low collateral loans avoid the ones that sound too good to be true. Make sure you always read the fine print and only deal with people when you can get their contact details and office address. There have been many cases where many people have lost bits of their body because they have defaulted on payment! Be careful.

Quick Cash Loans for People on Benefits: Exercise Realism

It is very important to be realistic when it comes to borrowing quick cash loans especially if you are on benefits. If you have no assets and no income then getting a low interest rate is going to be very difficult if not impossible. Interest rates are the lenders way of managing the risk associated with loaning money to people who may not be able to pay it back. If they loan to 100 people with bad credit and 25 of them never pay them back the interest rates from the rest of the group must cover these losses. If you feel that you are resorting to cash loans all the time you need to stop and assess yourself. Look at your income and your expenditure and find ways to cut your spending and boost your income. Whatever you do try and save at least 10% of your income which can be used for a rainy day. Quick Cash Loans for unemployed should be used with caution.

Consider Alternative Ways of Getting Some Extra Cash Funds

Even if you do secure a loan getting a bit of cash from somewhere else is going to make life easier. You will be able to meet your next bills more easily and you will be able to pay off your loan more quickly. Consider selling some unwanted household items, doing some work for friends and family if you are able, or even making some money online through freelance writing, taking surveys or internet marketing. You can even make money blogging or writing about something you are passionate about. Even if you are able to generate $200 per month online you can end up with $2400 which would vastly improve your financial position.